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Citadel Group
Major Shareholding Notification • Jul 28, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 8407S
Citadel Group
28 July 2025
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1. KEY INFORMATION
| (a) Full name of discloser: | Citadel Group |
| (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. |
N/A |
| (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree |
AMERICAN AXLE MANUFACTURING HOLDINGS INC |
| (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: | N/A |
| (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure |
25 July 2025 |
| (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" |
YES DOWLAIS GROUP PLC |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
| Class of relevant security: Common Stock |
ISIN US0240611030 USD 0.01 common |
|||
| Interests | Short positions | |||
| Number | % | Number | % | |
| (1) Relevant securities owned and/or controlled: | 1,473,395 | 1.24 | 283,068 | 0.23 |
| (2) Cash-settled derivatives: | 391,781 | 0.33 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 205,400 | 0.17 | 596,500 | 0.50 |
| TOTAL: | 2,070,576 | 1.74 | 879,568 | 0.74 |
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors' and other employee options)
| Class of relevant security in relation to which subscription right exists: | N/A |
| Details, including nature of the rights concerned and relevant percentages: | N/A |
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
| Class of relevant security | Purchase/sale | Number of securities | Price per unit |
| Common | Buy Transaction | 1,944 | 4.7556 USD |
| Common | Buy Transaction | 1,630 | 4.7597 USD |
| Common | Buy Transaction | 869 | 4.7600 USD |
| Common | Buy Transaction | 1,923 | 4.7660 USD |
| Common | Buy Transaction | 103 | 4.7665 USD |
| Common | Buy Transaction | 231 | 4.7674 USD |
| Common | Buy Transaction | 474 | 4.7700 USD |
| Common | Buy Transaction | 139 | 4.7711 USD |
| Common | Buy Transaction | 279 | 4.7725 USD |
| Common | Buy Transaction | 67 | 4.7730 USD |
| Common | Buy Transaction | 36 | 4.7753 USD |
| Common | Buy Transaction | 3,602 | 4.7768 USD |
| Common | Buy Transaction | 2,029 | 4.7778 USD |
| Common | Buy Transaction | 718 | 4.7800 USD |
| Common | Buy Transaction | 3,862 | 4.7848 USD |
| Common | Buy Transaction | 11 | 4.7955 USD |
| Common | Buy Transaction | 2,933 | 4.7969 USD |
| Common | Buy Transaction | 2,100 | 4.7990 USD |
| Common | Buy Transaction | 14,565 | 4.8002 USD |
| Common | Buy Transaction | 600 | 4.8017 USD |
| Common | Buy Transaction | 54 | 4.8096 USD |
| Common | Buy Transaction | 1,096 | 4.8099 USD |
| Common | Buy Transaction | 449 | 4.8100 USD |
| Common | Buy Transaction | 35 | 4.8103 USD |
| Common | Buy Transaction | 2,000 | 4.8106 USD |
| Common | Buy Transaction | 2,808 | 4.8121 USD |
| Common | Buy Transaction | 793 | 4.8129 USD |
| Common | Buy Transaction | 38 | 4.8137 USD |
| Common | Buy Transaction | 1,201 | 4.8142 USD |
| Common | Buy Transaction | 1,346 | 4.8143 USD |
| Common | Buy Transaction | 93 | 4.8151 USD |
| Common | Buy Transaction | 678 | 4.8164 USD |
| Common | Buy Transaction | 6,720 | 4.8184 USD |
| Common | Buy Transaction | 1,500 | 4.8200 USD |
| Common | Buy Transaction | 4,000 | 4.8206 USD |
| Common | Buy Transaction | 1,502 | 4.8213 USD |
| Common | Buy Transaction | 7,865 | 4.8242 USD |
| Common | Buy Transaction | 1,100 | 4.8245 USD |
| Common | Buy Transaction | 790 | 4.8247 USD |
| Common | Buy Transaction | 3,410 | 4.8256 USD |
| Common | Buy Transaction | 1,556 | 4.8267 USD |
| Common | Buy Transaction | 4,529 | 4.8286 USD |
| Common | Buy Transaction | 1,453 | 4.8289 USD |
| Common | Buy Transaction | 3,385 | 4.8300 USD |
| Common | Buy Transaction | 5,113 | 4.8305 USD |
| Common | Buy Transaction | 100 | 4.8310 USD |
| Common | Buy Transaction | 700 | 4.8421 USD |
| Common | Buy Transaction | 3,984 | 4.8422 USD |
| Common | Buy Transaction | 400 | 4.8425 USD |
| Common | Buy Transaction | 2,042 | 4.8464 USD |
| Common | Buy Transaction | 807 | 4.8472 USD |
| Common | Buy Transaction | 423 | 4.8475 USD |
| Common | Buy Transaction | 400 | 4.8500 USD |
| Common | Buy Transaction | 8,428 | 4.8527 USD |
| Common | Buy Transaction | 1,920 | 4.8527 USD |
| Common | Buy Transaction | 200 | 4.8550 USD |
| Common | Buy Transaction | 811 | 4.8585 USD |
| Common | Buy Transaction | 12 | 4.8600 USD |
| Common | Buy Transaction | 66 | 4.8611 USD |
| Common | Buy Transaction | 1,900 | 4.8674 USD |
| Common | Buy Transaction | 2,021 | 4.8691 USD |
| Common | Buy Transaction | 2,721 | 4.8700 USD |
| Common | Buy Transaction | 300 | 4.8704 USD |
| Common | Buy Transaction | 8,526 | 4.8722 USD |
| Common | Buy Transaction | 1,300 | 4.8777 USD |
| Common | Buy Transaction | 5,500 | 4.8800 USD |
| Common | Buy Transaction | 694 | 4.8811 USD |
| Common | Buy Transaction | 255 | 4.8900 USD |
| Common | Buy Transaction | 1 | 4.8986 USD |
| Common | Buy Transaction | 1,100 | 4.9009 USD |
| Common | Buy Transaction | 285 | 4.9054 USD |
| Common | Buy Transaction | 772 | 4.9065 USD |
| Common | Buy Transaction | 214 | 4.9115 USD |
| Common | Buy Transaction | 245 | 4.9129 USD |
| Common | Buy Transaction | 1,100 | 4.9136 USD |
| Common | Buy Transaction | 1,341 | 4.9155 USD |
| Common | Buy Transaction | 34 | 4.9200 USD |
| Common | Buy Transaction | 86 | 4.9224 USD |
| Common | Buy Transaction | 478 | 4.9240 USD |
| Common | Buy Transaction | 87,793 | 4.9300 USD |
| Common | Sell Transaction | 700 | 4.7500 USD |
| Common | Sell Transaction | 29,100 | 4.7600 USD |
| Common | Sell Transaction | 4 | 4.7650 USD |
| Common | Sell Transaction | 1,800 | 4.7690 USD |
| Common | Sell Transaction | 2,919 | 4.7700 USD |
| Common | Sell Transaction | 100 | 4.7790 USD |
| Common | Sell Transaction | 190 | 4.7795 USD |
| Common | Sell Transaction | 903 | 4.7800 USD |
| Common | Sell Transaction | 2,234 | 4.7811 USD |
| Common | Sell Transaction | 715 | 4.7814 USD |
| Common | Sell Transaction | 2,394 | 4.7832 USD |
| Common | Sell Transaction | 800 | 4.7850 USD |
| Common | Sell Transaction | 1,790 | 4.7856 USD |
| Common | Sell Transaction | 790 | 4.7861 USD |
| Common | Sell Transaction | 25 | 4.7892 USD |
| Common | Sell Transaction | 200 | 4.7900 USD |
| Common | Sell Transaction | 1,048 | 4.7923 USD |
| Common | Sell Transaction | 2,150 | 4.7955 USD |
| Common | Sell Transaction | 3,889 | 4.8000 USD |
| Common | Sell Transaction | 102 | 4.8008 USD |
| Common | Sell Transaction | 410 | 4.8024 USD |
| Common | Sell Transaction | 300 | 4.8033 USD |
| Common | Sell Transaction | 611 | 4.8100 USD |
| Common | Sell Transaction | 16,500 | 4.8120 USD |
| Common | Sell Transaction | 10 | 4.8150 USD |
| Common | Sell Transaction | 627 | 4.8151 USD |
| Common | Sell Transaction | 9,749 | 4.8187 USD |
| Common | Sell Transaction | 10 | 4.8200 USD |
| Common | Sell Transaction | 1,873 | 4.8219 USD |
| Common | Sell Transaction | 5,158 | 4.8287 USD |
| Common | Sell Transaction | 317 | 4.8298 USD |
| Common | Sell Transaction | 6,510 | 4.8300 USD |
| Common | Sell Transaction | 1,412 | 4.8301 USD |
| Common | Sell Transaction | 761 | 4.8316 USD |
| Common | Sell Transaction | 376 | 4.8340 USD |
| Common | Sell Transaction | 1,800 | 4.8344 USD |
| Common | Sell Transaction | 400 | 4.8350 USD |
| Common | Sell Transaction | 8,480 | 4.8351 USD |
| Common | Sell Transaction | 480 | 4.8370 USD |
| Common | Sell Transaction | 5 | 4.8380 USD |
| Common | Sell Transaction | 3,200 | 4.8394 USD |
| Common | Sell Transaction | 542 | 4.8399 USD |
| Common | Sell Transaction | 744 | 4.8400 USD |
| Common | Sell Transaction | 900 | 4.8433 USD |
| Common | Sell Transaction | 500 | 4.8450 USD |
| Common | Sell Transaction | 380 | 4.8458 USD |
| Common | Sell Transaction | 128 | 4.8500 USD |
| Common | Sell Transaction | 3 | 4.8541 USD |
| Common | Sell Transaction | 26,983 | 4.8563 USD |
| Common | Sell Transaction | 1,300 | 4.8592 USD |
| Common | Sell Transaction | 3,700 | 4.8600 USD |
| Common | Sell Transaction | 68,266 | 4.8620 USD |
| Common | Sell Transaction | 95 | 4.8626 USD |
| Common | Sell Transaction | 758 | 4.8665 USD |
| Common | Sell Transaction | 472 | 4.8672 USD |
| Common | Sell Transaction | 1,469 | 4.8674 USD |
| Common | Sell Transaction | 373 | 4.8690 USD |
| Common | Sell Transaction | 801 | 4.8700 USD |
| Common | Sell Transaction | 1,000 | 4.8720 USD |
| Common | Sell Transaction | 584 | 4.8732 USD |
| Common | Sell Transaction | 463 | 4.8734 USD |
| Common | Sell Transaction | 491 | 4.8770 USD |
| Common | Sell Transaction | 1,100 | 4.8773 USD |
| Common | Sell Transaction | 79 | 4.8784 USD |
| Common | Sell Transaction | 6,499 | 4.8828 USD |
| Common | Sell Transaction | 700 | 4.8843 USD |
| Common | Sell Transaction | 306 | 4.8888 USD |
| Common | Sell Transaction | 1,900 | 4.8900 USD |
| Common | Sell Transaction | 6,962 | 4.8907 USD |
| Common | Sell Transaction | 2,300 | 4.8939 USD |
| Common | Sell Transaction | 14,089 | 4.8951 USD |
| Common | Sell Transaction | 923 | 4.8982 USD |
| Common | Sell Transaction | 20,411 | 4.8987 USD |
| Common | Sell Transaction | 7,925 | 4.8998 USD |
| Common | Sell Transaction | 29,211 | 4.9069 USD |
| Common | Sell Transaction | 2,364 | 4.9100 USD |
| Common | Sell Transaction | 327 | 4.9140 USD |
| Common | Sell Transaction | 849 | 4.9141 USD |
| Common | Sell Transaction | 300 | 4.9200 USD |
| Common | Sell Transaction | 5,990 | 4.9220 USD |
| Common | Sell Transaction | 1,000 | 4.9240 USD |
| Common | Sell Transaction | 110 | 4.9245 USD |
| Common | Sell Transaction | 8 | 4.9250 USD |
| Common | Sell Transaction | 2,368 | 4.9283 USD |
| Common | Sell Transaction | 833 | 4.9296 USD |
| Common | Sell Transaction | 96,334 | 4.9300 USD |
| Common | Sell Transaction | 2,000 | 4.9328 USD |
| Common | Sell Transaction | 496 | 4.9358 USD |
(b) Cash-settled derivative transactions
| Class of relevant security | Product description e.g. CFD |
Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position |
Number of reference securities | Price per unit |
| Common | CFD | Reducing long position | 60,140 | 4.8451 USD |
| Common | CFD | Reducing long position | 11,141 | 4.9163 USD |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
| Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. |
Expiry date | Option money paid/ received per unit |
| Common | Call Option | Buy Transaction | 300 | 7.0000 USD | American | 2025-10-17 | 0.1300 USD |
| Common | Call Option | Buy Transaction | 400 | 4.0000 USD | American | 2025-10-17 | 1.0600 USD |
| Common | Put Option | Buy Transaction | 1,000 | 6.0000 USD | American | 2025-08-15 | 1.1200 USD |
| Common | Call Option | Sell Transaction | 400 | 5.0000 USD | American | 2025-10-17 | 0.5000 USD |
(ii) Exercise
| Class of relevant security | Product description e.g. call option |
Exercising/ exercised against | Number of securities | Exercise price per unit |
(d) Other dealings (including subscribing for new securities)
| Class of relevant security | Nature of dealing e.g. subscription, conversion |
Details | Price per unit (if applicable) |
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" |
| None |
(b) Agreements, arrangements or understandings relating to options or derivatives
| Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
| None |
(c) Attachments
| Is a Supplemental Form 8 (Open Positions) attached? | YES |
| Date of disclosure: | 28 July 2025 |
| Contact name: | Paula Santos |
| Telephone number*: | 020 7645 9700 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .
SUPPLEMENTAL FORM 8 (OPEN POSITIONS)
DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.
Note 5(i) on Rule 8 of the Takeover Code (the "Code")
1. KEY INFORMATION
| Full name of person making disclosure: | Citadel Group |
| Name of offeror/offeree in relation to whose relevant securities the disclosure relates: | AMERICAN AXLE MANUFACTURING HOLDINGS INC |
2. STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)
| Class of relevant security | Product description e.g. call option | Written or purchased | Number of securities to which option or derivative relates | Exercise price per unit | Type e.g. American, European etc. |
Expiry date |
| Common | Put Option | Purchased | -200 | 5.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -1,000 | 6.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -13,200 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -12,000 | 3.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 300 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 18,800 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -201,600 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 36,200 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -8,200 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 600 | 5.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 3,000 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -200 | 7.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 43,400 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 5,300 | 6.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -2,400 | 4.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 4,900 | 5.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 300 | 15.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 1,000 | 3.0 USD | American | 15/08/2025 |
| Common | Call Option | Sold | -2,500 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -141,400 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -117,000 | 7.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 90,700 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -36,900 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -48,500 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -300 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 4.0 USD | American | 15/08/2025 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -100 | 2.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -700 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,000 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -1,000 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,300 | 10.0 USD | American | 17/07/2026 |
3. AGREEMENTS TO PURCHASE OR SELL ETC.
| Full details should be given so that the nature of the interest or position can be fully understood: |
It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.
The currency of all prices and other monetary amounts should be stated.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .
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